Guideline Value for GANDHI NAGAR II ND STREET

Gandhi Nagar II Nd Street guideline value

The current guideline value of Gandhi Nagar II Nd Street is Rs 5,300 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village under the Kodambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Gandhi Nagar II Nd Street has changed

Over the years, the guideline value for Gandhi Nagar II Nd Street has seen significant changes. The 2007 revision recorded a guideline value of Rs 1,050 per sq.ft, which increased to Rs 4,900 per sq.ft in 2012, marking a substantial rise of 367%. However, between 2012 and 2017, the value decreased to Rs 3,283 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 4,900 per sq.ft in 2023, and currently stands at Rs 5,300 per sq.ft following the 2024 revision, which is an increase of 8% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 405%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, which means that the guideline value for Gandhi Nagar II Nd Street is below this median.

• Gandhi Nagar I St Street: Rs 5,300 per sq.ft (2024)
• Gandhi Nagar (Panjaliamman Koil Inside): Rs 5,300 per sq.ft (2024)
• Gandhi Road: Rs 6,000 per sq.ft (2024)
• Gandhi Street (Near Janakiram Colony Extn): Rs 5,300 per sq.ft (2024)
• Frends Avenue: Rs 6,000 per sq.ft (2024)
• Flowers Road (Pookaran Street): Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar II Nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,300 per sq.ft, the total guideline value would be Rs 53,00,000. The stamp duty at 7% would amount to Rs 3,71,000, and the registration fee at 2% would be Rs 1,06,000, leading to a total of Rs 4,77,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar II Nd Street?

The Sub Registrar Office that covers Gandhi Nagar II Nd Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Arumbakkam

The guideline value plays a crucial role in the registration process of property transactions in Arumbakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall costs involved in the transaction. Buyers should ensure that the sale price is not below the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Gandhi Nagar II Nd Street?

The current guideline value of Gandhi Nagar II Nd Street is Rs 5,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased significantly, from Rs 1,050 per sq.ft to the current Rs 5,300 per sq.ft in 2024, reflecting an overall increase of 405%.

What is the land classification of Gandhi Nagar II Nd Street?

Gandhi Nagar II Nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for Gandhi Nagar II Nd Street?

The registration office for Gandhi Nagar II Nd Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for properties in Gandhi Nagar II Nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 53,00,000, the stamp duty would be calculated at 7% of this amount.